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VA IRRRL Washington State – How does it work?

A VA IRRRL (Interest Rate Reduction Refinance Loan) is a type of mortgage refinance loan available to eligible veterans and active-duty military personnel who have an existing VA loan. Here’s how it works: Eligibility: The borrower must already have a VA loan, and the loan being refinanced must be current (i.e., no late payments in […]

What is Residual Income on VA Loans?

What is Residual Income on VA Loans? Residual income is the amount of money left over after you have paid all your bills, including your mortgage. For VA loans, residual income is an important factor in determining whether you qualify for a loan and how much you can borrow. The VA has established guidelines for […]